tv Cavuto on Business FOX News January 15, 2011 10:30am-11:00am EST
johnson up 20% in the year and boy, really is-- >> oh, please, you do this every time. and that's-- >> and johnson & johnson, okay. >> brenda: gary b. bull or bear on this. >> i'm not only bullish, i own it, so. >> see, see. >> brenda: i don't know there are better things to pick in good times, huh? thanks for joining us. cost of freedom continues, neil is up. >> a 66% tax hike? well, don't look now, but we could all be getting these. hi, i'm neil cavuto and fox is on top of the land of lincoln going after the benjamins to pay for a massive debt and not only high state income taxes and corporate taxes set to go 45% and that has so many worries and tax hike drain might not just be wandering in and out of illinois.
and going national. and charlie payne, dagen mcdowell, charles gas perino, adam lashinsky. charles, beginning with you, what do you think. >> dave: an outrage. and this is getting to the heart of the matter. federal government on down. you've got to cut spending. the high taxes don't help. i mean, the corporate taxes this high, more corporations going to winter to be there? it's not just illinois. you've got a lot of states, obviously, in that predicament. but the real call with the long-term implications positive, cutting spending. and that is the key, that's the secret, but you know, gutless guys can do things behind closed doors in the cover of darkness and it's going to back fire tremendously. >> neil: it wasn't the cover of darkness as well as as-- really, the governor was saying. >> lame duck. >> neil: we have cut as much as we could. >> well, i mean, this is really an ideological argument. you have to look at what happened to nerving state the
last couple of years. new york state was the capital and many, many businesses had their head quarts here and because of the state government. taxes went on and punitive measures, look what's going on in new york, upstate new york, an economic ghosttown and the state government. in some sections, the state prisons the biggest corner of new york state and new-- >> and running-- >> down state new york, it's the bailed out financial sector. this is really a problem. >> neil: and i'm looking at this and i'm wondering, in the case of new york, we do know that, you know, the government andrew cuomo said i'm not doing the predictable thing and hiking taxes, the millionaires tax and chris christy from new jersey, the difference, a republican. the guy in new york is a democrat and he seems to realize the tax hikes, where is this going? >> i think this is great for
illinois did, because it's so foolish for businesses and individuals in that state, what have republican governors done, whether it's scott walker in wisconsin, bring it on down and we're going to eliminate the corporate taxes, you look at ohio, michigan, nevada the list goes on, they're all trying to-- vowing to eliminate or cut corporate taxes that are job killers, so for every illinois, the governors for the g.o.p. are lining up to bring businesses to their states. >> neil: ben stein? >> well, it's an interesting thing. the whole municipal and state structure of this country is being imperilled by public sector pensions and that's it, that's the bottom line. >> neil: you're he right. >> and transfers to poor people and partly education. and we've done this on this program before, we've got to bring the public sector pensions, that's the thing that's going to kill every
state government and eventually the federal government in this country. if they can do that, if they can lift this incredible burden from the backs of taxpayers they will be true heroes and this is going to be a gigantic challenge this coming decade. break the strangle hold. >> neil: and we will he' be getting into a little bit later on the cost of freedom block. but adam lashinsky, you hear about tax hikes versus spending cuts and illinois saying i've done about as much as you i could, this legislature could on spending. do you think he has? >> well, on spending, i don't know, i mean, i know it will come as a shock to you, neil, nobody likes raising taxes and that includes democratic governors, like quinn in illinois and jerry brown in california. in fact, in california, what brown has-- >> well, they apparently liked it enough that they, in hopes less evil than doing the
spending. >> well, i disagree, i mean, charles said that the-- >> well, i disagree with you-- >> the heart of the matter. it is getting to the heart of the matter. i mean, brown is doing both. he's cutting spending massively and raising taxes. >> neil: and cut spending about 3%, that's-- >> i'm sorry. >> neil: cut spending about 3%, that's massive? i could lop off 3% of my pounds and you would not notice. >> well. >> neil: if that's massive tax cuts, that's an issue, show me what is borderline. >> if we cut spending spending by 3% i know you know, charles would love to snap his fingers and cut federal spending by 3%, do you know how massive that would be, the dollars involves. fiscal conservatives should be applauding what states like california and illinois are doing. >> illinois has not cut spending. >> and you're wrong that democratic governors and
governments-- it is to redistribute and make things more fair in terms of the tax structure and that's what the president predicated before he backed out, let the bash tax cuts expire. number two, think about how big california governor is, and only take 3% out of that. the california government is like the u.s. budget. the biggest outside of the u.s. government. >> neil: ben stein, you're in california here and ben, how realistic is it to assume that jerry brown taking over the nation's largest state economy could get that under control with the majority-- >> dudes-- (laughter) >> i think that what jerry brown is doing is quite brave and 3% of the california budget is an incredibly large amount of money and we faced a serious crisis here, you have
an awful lot of illegal aliens who consume services and don't pay taxes and they do valuable work and there's no doubt about that and this is a gigantic crisis and assuming the taxpayer funded services and the taxpayers, that being said, we do have very low property taxes and our state income taxes are kill are beyond belief, they would choke the life out of you and that's a big factor and people moving to california and nevada and idaho and other states. >> i agree with ben and charlie, california, new york, new jersey, look at the last census, over a million americans left those states, they had skills, desires, dreams, they took it with them and they left those things because of taxes, it's a death knell. and i think poom are upset and somehow when you see these you're not upset. in other words, if you're not
upset where that was our plan. meanwhile, more american workers are making less money and someone from the gang say that's best at creating jobs. that's at the top of the hour. up next, forget about next wook week's health care fight on capitol hill. what's going on, could it impact your health care more than anything that congress is doing? mary todd: does this dress make my backside look big? abe: perhaps a... vo: geico. fifteen minutes could save you fifteen percent or more on car insurance. can you enjoy vegetables with sauce and still reach your weight loss goals? you can with green giant frozen vegetables.
>> live from america's news headquarters, i'm jamie colby. there's a new interim president now sworn in in tu shisha. the nation is u.s. ally in northern africa. and weeks of violent protests driving the president out of the country he controlled more than a decade. quarter after century. and sparks over unemployment there and talks with coalition government are in fact now in the works. and it cost taxpayers about 1
billion dollars, now the government is pulling the plug on a virtual border fence that was supposed to stop illegal immigrants from entering our country. the project plagued by technical problems and years of delays. department of homeland security saying it's reviewing alternatives now and including putting towers and drones along parts of the border. we'll send you back to cavuto on business and check out the headlines, too, foxnews.com. >> neil: forget the repeal vote on health care coming in just days. why you should be watching what a panel of health advisors has been cooking up in just the past few days. deciding what you might call the basic plan under the new health care law. the idea, we all have to save, whether it's for this or not-- charles payne. >> you can talk to me. >> neil: either one. >> you know, i just think it's interesting, because it's
clearly, it's clear that it looks like that the promoters of universal health care, looking the chance as soon as possible. look at it this way, remember the supreme court-- excuse me the lower federal court basically nullified one part of the obama care. instead of putting it in the supreme court immediately the obama administration wanted to wait and wanted some of this stuff to come out first and it looks like it's a delaying tactic to get the stuff and make it part of the health care system. >> neil: in other words, it's so entangled. >> how do we get rid of it. >> the bottom line, the ultimate goal is to get to single pair, ultimate goal period and you know what, some of it i think they're going to achieve pie keystone kops. and the notion of taking congress and giving it 0 a czar and cobbling it later and everyone out there watching the show should be afraid. >> they'll have a limited number of people and they're
going to call the shots, but what they're deciding and what will be the things that will be included in health care coverage. the mri's, doctor visits and et cetera you're allowed and doing it largely on their own. >> absolutely. neil. i think that what you just said, it illustrates the depth of the government intervention into business and our health care, as we know it and you mentioned the death panel issue. remember, late in the year, it turned out that medicare through regulation, decide today implement and offer end of life planning to people on medicare. this would, by regulation, it was in the federal register, buried in there and something taken out of the health care law, but they pushed it through quietly tried to keep it secret, and then when it came out in the public, the obama administration had to backtrack and say, oh, we're not going to do that now. that's what we're in store for for years, if not decades to
come. >> neil: where do you think this health care thing is going? so many different tracks throwing around, talking about the legal track, you know, and going through the supreme court, maybe not. you have the repeal effort track in the house and you have, you know, so many different things going on currently. where does it ultimately go? >> well, i think it ultimately goes to a showdown between freedom and dictatorship. if you have the government controlling the health care of every american, and every american going through the gauntlet of government bureaucracy getting his heart, brain, lung fixed, that will dealing directly with the doctors and hospitals if you can get that channeled through the government, and a giant step taking away the ordinary freedom of the ordinary citizen, this scares me very much. i'd like to keep as much as possible out of the government's claws. and going to the department of motor vehicles, for every
procedure. doesn't calls fail. let's keep it at medicare and not go further. >> way to go, adam, and explain. >> i know, and ben, it's still to steal one of your lines, i love you dearly, but that's total nonsense what you were saying. charles uses a clever smear tactic, which is to say this is going toward single payer. >> dave: absolutely. >> you're right people wanted singer payer and it didn't happen to be in the legislation passed and neil-- >> and that's a nice way to force people on. >> what people are you talking about? >> how long-- >> and how about following-- following the closed door meeting that we referred to as a two-day public meeting. they're advising how regulations should be written, that the legislation authorized. you're making this into something sinister that isn't quite so sinister. the legislation path, now regulation path to be-- >> no, no, regulations is-- is a big umbrella term for
deciding basic things what would be included under that package, what would be covered under everyone's insurance, including doctors and follows the procedures, they have to come up with the numbers, the variables, and that's all part of the-- >> and i know, but insurance companies have to go through that same process. they have to decide what they're going to-- > i understand that, but now, we have we have the-- >> and insurance companies can't put you or your doctor in jail if you don't follow their procedures. the idea of the problem, nonsense, we don't want the power to put people in prison in charges of our health care, that's the problem. >> neil: well, i love you all, but we doesn't have time. when we come back we're not-- we're not, how many times have i said that, we're agreeing, your money, we have the fab truth of that.
. >> you're not addressing the issue. you're side lining it and you're not talking about earmarks, you're wrapping it up as something else and-- >> neil, you know, you should take a political science course 101. >> neil: you should take the interview course 101 and answer the questions. (laughter) >> that went pretty well. en the rest of the interview. we'd have to bleep out things, you know, gas perino told me the buzz words. >> i was on the treadmill when that was going on.
>> neil: and i was talking to a republican, and dagen, the republican justifying for whatever his earmarks and earmarks are better than congress's add-ones and they're put on. >> i'm going to name mine angelina jolie and maybe people will really like it and find it more palatable. >> neil: talk about that, but go ahead. >> but it's the same thing, because you were talking to him about the republican leaders on the appropriations committee saying, hey, the earmark ban it's not going to be a ban it's temporary and you're seeing the exact kind of game playing going on with the democrats. some democrats are actually now going to vote against raising the debt ceiling trying to force the hand of the republicans. >> that's right. >> so what we're seeing is business as usual in washington and what day is it? we're-- we're not even halfway into the-- we're barely halfway into the month of january. come on, people.
>> neil: but we did get sort of an ultimatum from essentially the white house, this incidents this week, saying, look, up or down vote on the debt ceiling and don't attach anything to it and might address these later and i think they're going to-- >> well, the bloom is off the rose, i think it's 112th congress. i do hope that the newbies that come in stand firm and stand their ground and aren't sphered into making the wrong ceiling. >> what is the wrong decision, raising the debt. >> i think rising the debt ceiling. the first time we temporarily raised the debt ceiling was 1957. we have to make a tougher decision. >> at the expense of getting one of my many bosses annoyed at me, by the way i saw the interview it was great. i was on a treadmill and helped me get through the workout. i'll say they make this points. the earmarks is it a drop in
the bucket. >> neil: but it's the gateway. >> and you can make the point it's so small why not just deal with it, but i'm telling you that the heavy lifting, social security and a lot of-- >> i agree, but that just means that when you get the votes, that's all i'm saying, but your point is well taken. i guess, ben stein, i'm wondering, where this ultimately goes because if we're told by a lot of republicans, look, look at what we're dealing with, don't have much time to get the big spending cuts going or even to get a commitment for a lot going. then you have a choice. you either raise that debt ceiling and hope to address it later, much to the administration's-- or just shut down the government by not. >> and unequivocally raise the debt ceiling, because they don't have the courage or planning to cut spending and the run away train, government spending is a run away train.
it's going to take a gigantic effort to stop this run away train. pensions once again, social security, medicaid and medicare. and interest on the debt. these alone are going to eat this country alive eventually, and this is a scary, very large run away train, they can't stop it anytime soon. >> adam, quickly, i noticed moody's by the end of the week was threatening dropping our debt rating. even prior to the-- whatever happens. and so even out of time-- >> yeah, and that's an empty the threat and the bottom line, we're not losers, we're still an extremely rich country. as long as we are a rich country our politicians can begin to play the games. once we stop being a rich country. it happened to britain and portugal et cetera, they never were, then the games will end, neil. >> then in that case then you're right. >> i want to thank the gang.
we've got to go. and i know you're battling a cold young man. >> yeah. >> and this was-- did any of you see this? yeah, that's our own charles payne ringing the opening bell at the new york stock exchange, at the same moment i was opening up at denny's (laughter) . ♪ [ male announcer ] from jet engines that have fewer emissions, to new ways to charge electric cars,
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